Web 3.0 Blockchain Market size to increase by USD 27.42 billion between 2022 – 2027- Technavio

NEW YORK, Sept. 8, 2023 /PRNewswire/ — The “Web 3.0 Blockchain Market by End-user (BFSI, Government, Healthcare, and Others) and Geography (North America, Europe, APAC, South America, and Middle East and Africa) – Forecast and Analysis 2023-2027” report has been added to Technavio’s offering. The potential growth difference for the Web 3.0 blockchain market between 2022 and 2027 is USD 27.42 billion. Blockchain technology in Web 3.0 is receiving more funding. For instance, the Web 3.0 payment application and protocol HI received a USD 30 million investment from Animoca Brands, a well-known metaverse gaming and venture capital firm, in July 2023. This protocol operates on layer 2 Ethereum side chain HI Protocol and is essentially a Web 3.0 financial application. Additionally, the Blockchain Founders Fund raised USD 75 million in February 2023. This fund is heavily used to encourage the use of blockchain and Web 3.0 technology. Due to these investments in Web 3.0 blockchain technology, the market is benefiting. As a result, it is expected to drive market growth during the forecast period. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy full report here

Market Challenge – System configuration concerns are one of the key challenges hindering the Web 3.0 blockchain market growth. Learn about additional key drivers, trends, and challenges available with Technavio. Read Sample PDF Report NowEnd-user Segment – The BFSI segment is estimated to witness significant growth during the forecast period. Web 3.0 blockchain is being widely used in the BFSI sector for financial credit services including lending and borrowing and securely confirming credit histories. Tokens are widely used by several investment institutions for securities, bonds, and other assets. For instance, NFTs are used to tokenize expensive physical commodities like diamonds or fine art, which can then be traded. The Reserve Bank of India (RBI) also introduced the Digital Rupee-Retail segment in December 2022, which is treated on a par with traditional currency. Numerous businesses in the BFSI sector are increasingly implementing blockchain in trade settlement, payments, reference data, and trade finance. For instance, in July 2023, Animoca Brands teamed with Hi, a Web 3.0 neo-banking software that offers conventional digital banking as well as cryptocurrency trading services. Several banks are also increasingly using metaverse to train their staff members and engage with one another, fostering strong bonds and improving understanding of customer service. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.Geography Analysis- North America is estimated to contribute 40% to the growth of the global market during the forecast period. View Sample Report for insights into the contribution of all the segments and regional opportunities in the report.

Key Companies in the Web 3.0 blockchain market:

Alchemy Insights Inc., Antier Solutions Pvt. Ltd., Binance Holdings Ltd., Coinbase Global Inc., Guardian Blockchain Labs Pte Ltd., Helium Systems Inc., Intel Corp., Kadena LLC, Messari Inc., Ocean Protocol Foundation Ltd., Polygon Labs, Protocol Labs, Silota Research and Development Inc., and Web 3.0 Technologies Foundation

Related Reports:

Blockchain Market in Supply Chain Industry by Application, Type, and Geography – Forecast and Analysis 2023-2027 is estimated to grow at a CAGR of 52.21% between 2022 and 2027. The size of the market is forecast to increase by USD 4,936.05 million.  

Blockchain Technology in Energy Market by End-user and Geography – Forecast and Analysis 2022-2026 is expected to increase by USD 919.5 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 66.37%.

TOC:

Executive Summary

Market Landscape

Market Sizing

Five Forces Analysis

Market Segmentation by End-user

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

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SOURCE Technavio